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Property market remains buoyant

The property market throughout the UK, including in Sheffield and Chesterfield, continues to be buoyant, with house prices on the increase in the region and the number of sales and completions rising. 

Last updated on May 5th, 2021 at 11:44 am

housing marketAccording the the latest Halifax House Price Index, the average house price hit a new record high in the UK in March 2021.  The index shows that prices were up 6.5% in March 2021, based on the same month in 2020, and were 1.1% higher than in February 2021. It shows that the average price is £254,606, over £15,000 more than it was last year and an increase of over £1,250 per month.

Whilst various organisations use different criteria to analyse average house prices, they all agree that house prices are on the increase.  For example, HM Land Registry’s published figures show an increase of 7% in the average house price in Sheffield for the year ending January 2021 and an increase of 9% in the average house price in Chesterfield over the same period.  Data published by Home.co.uk has a slightly different analysis, but still with prices going up.  Its figures show an increase of 11% in the asking price of houses in Sheffield in February 2021, based on the same month in 2020 and an increase of 8% in Chesterfield for the same period.

Nationwide’s House Price Index March 2021 has taken a slightly more cautious view, but still shows annual growth in average house prices of 5.7% in March 2021 in the UK – the average price being £232,134 in March 2021. This price index also shows that average quarterly house prices in Yorkshire and the Humber have increased by 7% in the first quarter of 2021 to £175,577, based on the same quarter of 2020 and by 6% in the East Midlands to £200,307 for the same period. 

Rightmove has different figures for average house prices, but they are still moving upwards. Its statistics show a month on month increase of 2.1% across Britain, bringing the average house price to £327,797 in April – the highest ever recorded by Rightmove.  The estate agent is also recording the “fastest-selling market since their records began”, saying that in the first two weeks of April, houses were being marked as sold in an average of 45 days and that where a property sale was agreed in March, 23% had been on the market for less than a week.

Home.co.uk agrees that demand for housing is surging, with those looking to buy outstripping those who are selling, everywhere apart from London.  It says that the number of properties entering the market is about 25% less than it was two years ago and the number of unsold properties remaining on the market is 30% lower than three years ago and 65% lower than in May 2008, when a record high number of over 868,000 unsold properties remained on the market in the UK.

Provisional figures from HMRC show an estimate of 147,050 UK residential property transactions in February 2021 – 48% higher than February 2020 and, more significantly, 23% higher than January 2021.

property market

Caroline Murray

Caroline Murray, partner and head of Graysons’ property team says:

“The market is clearly very fast moving at the moment.  The extension of the stamp duty holiday, which will now end completely on 30 September 2021, and the introduction of 95% mortgages, which are available until the end of 2022, as well as the success of the vaccination roll out, have clearly boosted confidence in the market and encouraged people to make the move.  Our conveyancers are busier than ever and are taking a huge number of enquiries at the moment, both from first time buyers and those looking to move home.  We would certainly agree that prices are up, and houses are selling more quickly than ever.  We can see no sign of this activity slowing over the coming months.”

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Read the Derbyshire Times’ report on our news here.

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